Most Popular
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Slew of top K-pop stars ready to return from military
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S. Korea, US clinch 2026-30 defense cost-sharing deal in pre-election push
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Concerns raised over chronic labor shortage at state-run center for digital sex crime victims
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BTS-themed moon jar to be unveiled on Hangeul Day
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Samsung unveils 'personalized AI' for all devices
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Market uncertain on Korea's October rate cut despite slowed inflation
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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Special counsel bill to probe first lady scrapped
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Coldplay to celebrate release ‘Moon Music’ with Han River drone show
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[Duty Free] Hyundai Department Store to bring retail experience to luxury duty-free
This is the third installment in a series of articles on companies vying for Seoul’s new duty-free licenses to be issued Saturday -- Ed.Hyundai Department Store Group is putting luxury at the forefront of its bid for a duty-free license for its first-ever tax-free outlet, promising a full lineup of major luxury brands at the store as well as specialized zones focusing on various aspects of Korean culture.Hyundai Department Store pushed its 30 years of operating luxury department stores as eviden
Dec. 14, 2016
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Prosecution charges 17 over Hanmi Pharmaceutical disclosure case
The share-dumping scandal involving Hanmi Pharmaceutical is nearing closure, with the prosecution charging 17 people Tuesday for insider trading. The suspects are accused of reaping unlawful gains by taking advantage of undisclosed information regarding a broken licensing deal. After a monthslong investigation, the Seoul Southern District Prosecutors’ Office announced that it found 45 offenders involved with the Hanmi case, 17 of whom were indicted. The Hanmi Pharmaceutical headquarters in sout
Dec. 14, 2016
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Korean Drug Ministry releases more biosimilar approval results in English
The South Korean Ministry of Food and Drug Safety this week released an English version of the results of its latest approval evaluation of Korea-made biosimilar drugs. The ministry started to offer the English versions in August with the aim of helping the companies expedite approval in other countries.The recent English-language disclosure were of Samsung Bioepis’ two biosimilars for treating rheumatoid arthritis -- Brenzys and Renflexis.Brenzys is a biosimilar referencing Amgen’s top-selling
Dec. 14, 2016
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Expats get help joining SME drive
Chomnad Thongkamsopa, an expat from Thailand, was assigned to the Seoul branch of her company nine years ago. Now, with help from the “Trade Academy” program offered by Seoul Global Center, she runs her own business.After being transferred to Seoul almost a decade ago, Chommad saw potential in the booming online e-commerce industry in Korea and sought a job at a local company to capture the rapidly changing trends. She began to work for a company which supports local online shopping malls headin
Dec. 13, 2016
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Shipping companies’ sales dip as car exports fall in Q3
(Yonhap)Local and foreign shipping firms are seeing a decrease in sales in tandem with a decline in automobile exports due to a slowing global economy.Hyundai Glovis, Hyundai Motor’s auto-shipping unit, recorded 1.53 trillion won ($1.31 billion) in sales between July and September this year, an 8.2 percent drop on-year and a 1.9 percent decline compared to the previous quarter, company data showed Tuesday.Eukor Car Carriers Inc, a local shipping firm that handles Hyundai and Kia Motors‘ outbound
Dec. 13, 2016
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Capital injection for DSME to be wrapped up soon
Creditors will inject capital of nearly 3 trillion won ($2.6 billion) into Daewoo Shipbuilding and Marine Engineering by this month to rescue the cash-strapped company from delisting risk, industry insiders said Tuesday. Last month, the creditors, including the Korea Development Bank, decided to provide financial aid in the form of a debt-for-equity swap to the company. On Monday, the embattled shipbuilder’s board decided to sell stocks to the KDB to have its 1.8 trillion won debt swapped with s
Dec. 13, 2016
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New electricity bill system finalized
The Ministry of Industry, Trade and Energy said Monday it finalized the new electricity pricing system for residential use. Under the new system, bills will be charged in one of three brackets, with the top cumulative rate three times higher than the lowest. The current power rate is determined using six brackets, with the top rate 12 times higher than the lowest. The ministry projected that the new system would cut power bills by 11.6 percent on average. Households consuming over 600 kilowatt-h
Dec. 13, 2016
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Dozens of state-run companies face uncertain reshuffle
Dozens of South Korea’s state-run companies are in a leadership lull as the replacement of company heads who have reached the end of their term has been delayed due to the impeachment of President Park Geun-hye. According to the government’s data of state-owned firms disclosed on the website called Alio, the terms of 24 CEOs of state-run companies have ended but their successors have not been decided yet.Among such enterprises under the Ministry of Trade, Industry and Energy, heads of KEPCO Engi
Dec. 13, 2016
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[Photo News] 2nd Shake Shack in Seoul to open Saturday
2ND SEOUL SHAKE SHACK -- US premium burger chain Shake Shack will open its second outlet in Cheongdam-dong of Seoul’s Gangnam district Saturday, according to the brand’s South Korean licensee SPC Group. The outlet, located on Dosan-daero, will open at 11 a.m. (SPC Group)
Dec. 13, 2016
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Shinsegae opens mega department store in Daegu
DAEGU -- Retail giant Shinsegae is wrapping up the year with the grand opening of Daegu Shinsegae on Thursday, bringing a large-scale shopping and entertainment complex to the southern city connected to a transportation complex. The giant department store, which has more than 103,000 square meters of operating space, is Shinsegae Department Store‘s second large-scale branch outside of Seoul, following the Centum City branch in Busan. In addition to the traditional shopping areas, Daegu Shinsegae
Dec. 13, 2016
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[Duty Free] Lotte Duty Free touts World Tower attractions
This is the second installment in a series of articles on companies vying for Seoul’s new duty-free licenses to be issued Saturday -- Ed.Lotte Duty Free, Korea’s largest duty-free operator, said that it would maximize tourist attractions in and around Lotte World Tower to build up the competitiveness of its branch there. The company pledged Tuesday to invest 2.3 trillion won ($1.97 billion) over the next five years to bring in tourists, develop tourism infrastructure in southern Seoul and suppor
Dec. 13, 2016
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Sales of US beef on rise: data
Sales of US beef increased in South Korea this year on the back of relatively cheap prices, while Australian beef suffered a setback in sales, industry data showed Tuesday.The sales of US beef at E-Mart, the leading retailer in the country, jumped 1.8 times on-year in the first 11 days of December.By comparison, sales of Australian beef shrank 10.1 percent on-year during the same period, it said.The reversal came as the US beef output increased and led to the price stabilization, while Australia
Dec. 13, 2016
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Capital injection into Daewoo Shipbuilding to be completed this month
Embattled Daewoo Shipbuilding & Marine Engineering Co. is expected to receive 2.8 trillion won ($2.39 billion) from its creditors this month, averting a delisting from the local stock market, industry sources said Tuesday.Last month, the creditors, led by the state-run Korea Development Bank (KDB), decided to provide the financial aid, in the form of a debt-for-equity swap, to the ailing shipyard whose debts exceed assets amid mounting losses.According to the sources, Daewoo Shipbuilding will ho
Dec. 13, 2016
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Calls for shareholder activism rise after Samsung merger
Controversy over a merger between two Samsung affiliates last year has been rekindled due to the influence-peddling scandal involving President Park Geun-hye, sparking serious discussion on ways to strengthen shareholder rights and signaling a possible change in the corporate governance of Korean companies, experts said Monday.A set of principles that target institutional investors to help them better engage in corporate governance for shareholders’ benefits is likely to be adopted within this y
Dec. 12, 2016
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Ultraluxury Lotte World Tower lures superrich investors
Some 220 apartment units in the newly built Lotte World Tower in southern Seoul are likely to become the most expensive residential spaces in South Korea, being offered for a record-breaking 80 million won ($68,500) per 3.3 square meters. The construction arm of Lotte Group plans to hold a meeting Tuesday with potential investors for the residential and office units located in the 123-story skyscraper. Sales of the properties target the “VVIPs” and top-class businessmen in and out of the country
Dec. 12, 2016
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Korea’s exports of cultural products plunge amid THAAD row
South Korea’s exports of cultural products have dropped for two straight months, central bank data showed Monday, possibly due to the aftermath of a clampdown by main importer China. South Korea’s exports of cultural products such as TV programs, music, movies and performance guarantees in October declined 21.7 percent from September to reach $51.5 million. It marked a second consecutive monthly fall and the smallest monthly total in 13 months. The recent decline compares with the u
Dec. 12, 2016
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HMM targets 5% market share by 2021
Hyundai Merchant Marine has vowed to take 5 percent of global market share by 2021 through various measures including its latest deal to join 2M, the company said Monday. The Korean shipping company said it would concentrate on boosting cost competitiveness by focusing on the Asia-US route and raising wet bulk carriers rather than dry bulk carriers.The company currently controls 2.2 percent of global container capacity. HMM CEO Yoo Chang-keun heads to his seat after delivering remarks at a pres
Dec. 12, 2016
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[DUTY FREE] Shinsegae DF pledges W350b for Gangnam tourism
This is the first installment in a series of articles on companies vying for Seoul’s new duty-free licenses to be issued Saturday -- Ed. Shinsegae’s duty-free operator announced Monday that it would invest 350 billion won ($300 million) over the next five years to develop and promote tourism in southern Seoul as part of its bid for a new duty-free license. Shinsegae DF is set to deliver a presentation Saturday to win a license to operate a new 13,350-square-meter outlet in Central City, a shoppi
Dec. 12, 2016
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BioCND to begin clinical trials of Lucentis biosimilar in Korea
South Korean biopharmaceutical company BioCND said Monday that it has secured domestic approval to begin phase 1 clinical trials of a biosimilar referencing Roche’s eye treatment Lucentis. The Korean Ministry of Food and Drug Safety has approved its plans to start phase 1 clinical trials of BCD300, which references Novartis’ Lucentis (ranibizumab), used primarily to treat eye illnesses such as age-related macular degeneration and diabetic retinopathy. BioCND said it will begin the first-phase cl
Dec. 12, 2016
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Global hotel brands eye Mapo in western Seoul
Paris-based Accor Hotels Group and London-based InterContinental Hotels Group are considering opening a new hotel in Mapo, northwestern Seoul, according to sources. The two international hotel groups have recently visited a five-story Geunpung Building located at the northern end of Mapo Bridge stretching to Yeouido as a candidate spot for one of their hotels. Officials of the two hotel groups recently had contacts with Pungnong Corp., the owner of the building and manufacturer of fertilizers, t
Dec. 12, 2016